El Salvador just added another $15.5 million worth of bitcoin to its balance sheet, as the world’s most popular cryptocurrency continues its sell-off.
Part of El Salvador's nationwide move into bitcoin also involved launching a national virtual wallet called Chivo that offers no-fee transactions and allows for quick cross-border payments. For a country where 70% of citizens do not have access to traditional financial services, Chivo is meant to offer a convenient on-ramp for those who have never been a part of the banking system.
IMF directors agreed that the Chivo e-wallet could facilitate digital means of payment, thereby helping to"boost financial inclusion," though they emphasized the need for"strict regulation and oversight." Many Salvadorans have reported cases of identity theft, in which hackers use their national ID number to open a Chivo e-wallet, in order to claim the free $30 worth of bitcoin offered by the government as an incentive.published in April by the U.S.
El Salvador has been trying since early 2021 to secure a $1.3 billion loan from the IMF — an effort thatThe country will need to figure out some other backstop to shore up its finances. The IMF predicts that under current policies, public debt will rise to 96% of GDP by 2026, putting the country on"an unsustainable path."
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